How much more value should be gained for 30 year old units with 50 year old electrical kit? Replacing the electrical kit would cost a lot for little gain and then what happens when the bodies become life expired in 10 years? Do you move the electrical gear to a new train rather then scrap it?
Then is the replacement of the traction kit in 455 units a bad idea? They are Mk3 based stock and are older than 442s. HST sets will be around for some years yet even though they are 10 years older than 442s so saying the bodies will be life expired in 10 years is not correct.
The idea that 442s are life expired when we still have pacers and PEP units around is rubbish. Properly used for the type of services they were designed for they could and should provide another 20 years of service.
If they had been available in the last few years I could have seen conversion to hauled/PP stock for the likes of Chiltern being considered, an easier and cheaper option than retrofitting power doors to earlier MK3 coaches. It would still be an option of course and with the 68s there are more suitable diesel locos available, where the demand would come from is another matter.
If they are to operate under their own power then a return to the South West would be the most logical, this is the only DC area where their long distance layout is suitable.
An extension of 3rd rail to Salisbury with the 442s replacing all DMUs Waterloo-Salisbury. Services continuing to Exeter could then be hauled by a diesel in push-pull mode. Realistically 25kv electrification Salisbury-Exeter is not going to happen anytime soon and this would provide a solution to removing the last diesels from Waterloo as well as releasing a large number of much needed quality DMU stock for expansion and allowing the withdrawl of the worst units on the network.